Colombian President Juan Manuel Santos announced on Monday he has prostate cancer and will undergo surgery this week.

Santos, 61, said the tumor is small and was caught in time, giving him a 97 percent chance of full recovery. The operation is scheduled for Wednesday.

Santos said he will receive local anesthesia and not delegate his powers as head of state.

"I am at ease because this cancer was detected quite early, as I underwent tests every year," he told a news conference.

He said doctors have advised him not travel for a few weeks after the operation but that otherwise his overall health is not in jeopardy.

Santos said he will travel to Lima later on Monday to attend a summit of Latin American and Arab leaders and return on Tuesday.